The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Grand Bahama Chamber of Commerce president said more focus needs to be put on public expenditure and the government needs to tighten its belt just like the average Bahamian.

James Carey told Tribune Business the focus on revenue leads Bahamians to leave expenditures as an afterthought when the government really needs to cut out all of the unnecessary spending.

Responding to the government’s latest August and September fiscal numbers and the revelation there was a $47m increase in total spending, resulting in a near tripling of the government’s Q1 deficit year-over-year, Mr Carey said: “Everybody focuses on the revenue, right, but they don’t know how much the government’s really spending. There may be shortfalls in revenue, but we all as individuals have to tighten our belts when things get tight and when the earnings isn’t there.”

The government has given no explanation to what the additional expenditure comprises, but there was nothing to suggest it had deviated from its original projections laid in parliament during the 2023/2024 budget communication and added new projects.

Mr Carey said: “We understand that the government has, out of necessity, a lot of things to do with commitments and that sort of stuff but they need to tighten their belts a little bit.”

He continued: “I see a lot of travel and that’s for a purpose, but basically I have no issue with government spending or borrowings once its done to stimulate economic growth and economic development, but I don’t see that in the current spend model.

“Governments do certain things to stimulate economic growth and development because at the end of the day what they have in fact been able to do is enhance their revenue by stimulating this developmental process, but that’s not happening and that’s the bottom line.”

There are parts of Grand Bahama outside of the city of Freeport that need development that the government has under its purview, but he said very little attention is being given to it.

Meanwhile, the GBCC is moving forward with its own initiatives and is preparing a plan for their 2024 slate of initiatives. “I need to see economic development, I need to see businesses opening and I need to see businesses succeeding,” Mr Carey said.

Market research and intelligence is not a primary focus for the GBCC under Mr Carey’s tenure as it was for his predecessor, but he is “looking for opportunities” for entrepreneurs to find a place in the Grand Bahamian economy.